Park 120 Office Park in Bellevue Sells for $32MM

Sheen’s Bellevue One LLC, associated with Mercer Island investor Bob Sheen, purchased the Park 120 office complex in Bellevue from Park 120 Investments LLC, associated with Sammy W. Lee for $32 million or $372.14 per square foot in a deal that closed June 13th.

The Park 120 office complex, located at 606-636 120th Ave N.E., was built 1981 and is comprised of four two-story office buildings totaling 85,988 square feet. The complex sits on five acres and offers ample parking at a rate of four stalls per 1,000 square feet.

Willamette Dental is listed as a tenant of the building, as well as Positive Changes Hypnosis Centers, Chosen Chiropractic, Bellevue Reflexology,Time Equipment Company and a massage therapy tenant, among others. A portion of the park also used to house the Safeway Training Center. Safeway’s former training center had two large conference rooms of 786 square feet and 975 square feet, a computer training center, a reception area, storage areas, a nearly 1,000 square foot fitness center and two subsequent conference centers of much smaller size.

The office park is located just blocks from 405 and is also near Bellevue’s new neighborhood development, the Spring District.

Bellevue has had a number of recent office transactions and developments this year including the Summit III office tower, which Hines is developing at 320 108th Ave. N.E. The tower will compliment two other towers already on the site. The 17-story, 370,000 square foot commercial office tower will sit above a seven-story, 255,000 square foot below-grade parking garage. The garage currently has about 650 parking stalls and plans for the new tower will also include space for bicycle parking. The Commons 90 Office Park at 15800 and 15900 S.E. Eastgate Way also sold in May for $46 million. Issaquah-based commercial real estate firm, Lake Washington Partners, purchased the 142,000 square foot, two-building center sits on a 8.3-acre property. Deacon Corp. also sold off the 520 Corporate Center for $11.1 million in a deal that closed in April.